Boutique builder Ashington has unveiled a $150 million redevelopment of the Glenferrie Road property it acquired from Deakin University two years ago.
Thirty one terraces – priced from $780,000 to $1.3m – will be built along the historic Stonington mansion’s garden steps.
Another 14 apartments will be housed in a separate building.
They are priced between $2.1-$3.8m.
On Somers Ave, the site’s southern boundary, 12 maisonettes will be developed within five buildings – each with three bedrooms, study, courtyard, balcony, attic, basement parking (for three) and storage cage.
Ashington is asking $2.7m-$3.6m for these homes.
Deakin controversially sold its campus to developers Hamton Property Group and ISPT in late 2006 for $33 million.
The sale included the heritage listed Stonington mansion, which the Kirner Government gave to the university at no cost for education purposes in the early 1990s.
The historic dwelling was the Governor’s residence when Melbourne was Australia’s capital.
The developers sold Stonington to Rod Menzies for c$18m.
In June, they sold the 1.7ha balance of the university to Ashington for $45m.
This is the Sydney company’s first Melbourne project.